I suppose I shouldn’t laugh, but I found humor in Eric Fry‘s description of Chairman Bernanke’s performance at Jackson Hole:
Like a guy who falls down a flight of stairs, then stands up and says, “I meant to do that,” Bernanke insisted the economy’s dismal trajectory is neither particularly surprising nor particularly worrisome. “The preconditions for a pickup in growth in 2011 appear to remain in place,” the Chairman declared. And even if economic growth continues to disappoint, the Chairman claims he’s still got lots more gadgets in his bag of tricks.
Fry goes on to say:
“Should further action prove necessary,” [Bernanke] remarked, “policy options are available.” The list of potential “further actions” include: 1) Further purchases of securities; 2) a change in the Fed’s policy statement and; 3) a reduction of the interest rate it pays on banks’ excess reserves.
In other words: 1) Printing money; 2) Issuing comforting words and; 3) Encouraging leveraged risk-taking.
As I have stated elsewhere, Mr. Bernanke seems to be a decent man in an impossible situation. His need to appear in public and defend the indefensible does make for funny moments. Clever bloggers will not allow these to pass.
Still, he may be the most honorable man in the Administration. I know that is faint praise indeed, but there are so many clowns to pick on.
Perhaps it is Mr. Bernanke’s qualifications that attract humorists. He is highly educated, and on paper qualified to do a job that shouldn’t exist.
Or perhaps political correctness is in play. It is not proper to laugh at the handicapped. That puts most of the Administration and Washington clowns off-limits.
The Broke Bailing Out The Bankrupt
Humor or NOT
Humor -- Media
I do not respect Bernake. Any man who was actually worth something would give a short speech and resign. A lot of good could be accomplished with a little honesty. But the Fed chairman is a person hired first to make the nominating President look good, so we cannot be surprised.
This is the Charlie Crist syndrome. It becomes impossible for them to imagine the world they have made some mark in without them.
Your’e hitting hard. Makes me sit up and take notice.